7. Credit Protocols/Methodologies
Credit Protocols must include:
Credit definition
Project eligibility requirements
GHG accounting related requirements including permanence, leakage and additionality.
Verification requirements
Reporting and compliance requirements
The Regen Registry Program Guide provide the guidelines for creating new credits, thus enabling innovation while maintaining a high standard of rigor.
While a subset of Protocols might be developed by RND, the intention is to build a vibrant community of Credit Designers that will take the lead going forward.
Regen Registry aims to steward a broad set of Credit Protocols that cover different ecosystems, geographical regions and localities, and are tailored for different stakeholders (e.g. smallholder farmers, corporate farms, indigenous communities, conservation organizations, etc).
One of our key assumptions is that creating a one-size-fits-all solution is suboptimal and does not tap into collective potential. Ecological systems are inherently complex. Regenerative farming, grazing ,and conservation are complex, nuanced, and locale specific. Similarly, the needs and risk profile of credit buyers vary substantially depending on the size of the company, its sector, climate goals, etc. As such, we believe a successful solution needs to leverage commonalities and best practices, while simultaneously allowing for flexibility in design.
7.1. New Credit Protocols/Methodologies
All new Credit Classes and Methodologies must go through an Expert Peer Review and Public Comment process The requirements for Expert Peer Review and Public Comment are outlined in the Regen Registry Handbook.
Regen Registry may grandfather in new Methodologies or Credit Classes into the Regen Registry Methodology Library from another Registry if the applicant submitting the Methodology or Credit Class can demonstrate the Methodology has gone through a process of similar merit to the one above.
Regen Registry must document the entire Credit Class or Methodology process for Expert Peer Review or Public Comment including submitted versions, responses of reviewers, comments and responses of the Methodology or Credit Designer, and corresponding changes made to each version Credit Class or Methodology at each stage.
While successful completion of Expert Peer Review and Public Comment (or sufficient alternative) is a necessary prerequisite for approval of a Credit Class or Methodology for use under Regen Registry, such completion does not guarantee approval, as approval may also be contingent upon other factors to ensure credit quality. Other criteria, such as the appointment of adequately qualified organizations as the Credit Class Admin and Registry Agent, and ensuring the proposed Credit Class upholds the standards of integrity, also influence the final decision.
7.2. Modifications to an Approved Credit Protocol/Methodology
7.2.1. Proposed Modifications to Approved Credit Protocol/Methodologies
Credit Protocol Admins may propose modifications to an existing approved Credit Protocol/Methodology where they maintain the guidelines stipulated in the Regen Registry Program Guide. Credit Protocol/Methodology modifications may be submitted for review to Regen Registry.
Regen Registry, currently managed by RND, will review the extent of the modification and determine what steps in the approval process outlined in Section 5.1 are required to approve modifications.
If changes to Credit Class or Methodology are approved by the Regen Registry, Credit Protocol Admins are required to indicate the changes made to the Credit Protocol/Methodology and release the updated document as an updated version.
Upon releasing an updated version of a Credit Protocol/Methodology, Credit Protocol Admins are compelled to specify whether the updated version necessitates enforcement/updates for pre-existing projects registered under the same Credit Protocol. If such enforcement is required, Admins must supply a comprehensive justification detailing the reasons behind the implementation of these changes.
7.2.2. Credit Protocol/Methodology Update Requirements for Existing Projects
If a new version of a Credit Protocol/Methodology is released, the Registry Agent must inform the Project Proponent of any updates made to the Credit Protocol/Methodology and indicate if changes are to be made to the project.
Project Proponents are required to implement changes to the best of their ability.
If a Project Proponent is unable to implement changes for an updated version of a Credit Protocol/Methodology, they must submit an application for variance to the Credit Protocol Admin to remain under a previous Credit Protocol/Methodology version. Applications for variance must state why the Project Proponent is unable to implement the new changes under the new version of the Credit Protocol. Such applications must be approved by the Credit Protocol Admin. Projects with approved applications for variance shall be denoted as issued under the previous version of the Credit Class.
7.3. Governance of Adding and Removing Credit Protocol/Methodology to the Regen Registry
Regen Registry, currently managed by RND, will govern the process of adding new Credit Protocol/Methodology per the above process. In the future our aim is to move towards an independent, decentralized governance of these Credit Protocol/Methodology by a broad set of stakeholders, including subject matter experts, land stewards, project developers, monitors, and verifiers.
If a Credit Class Admin manages a Credit Protocol/Methodology in a way that deviates from the rules as stipulated in the Regen Registry Program Guide, Regen Registry may revoke its approval of said Credit Protocol/Methodology, removing it from Regen Registry. For avoidance of doubt, the Credit Protocol/Methodology would still exist as a managed on-chain credit class on Regen Network, but would no longer be recognized under the Regen Registry Program.
7.4. Access and Use of Credit Protocol/Methodology
All Methodologies and Credit Protocols registered under the Regen Registry must be either open source or open access, as designated by the original Protocol Developer or Credit Designer.
Open Source Protocol/Methodologies are ones where the methodology and all subsequent software, tools, and modules, are publicly available and freely available for use, modification, and distribution.
Open Access Protocol/Methodologies are those where the Protocol/Methodologoies is publicly accessible and free for use, but may not come with subsequent software, tools, and modules, and may not be available for modification without the approval of the Protocol/Methodology or Credit Designer.
For every new Protocol/Methodology submitted to Regen Registry, the submitting party must explicitly declare whether Protocol/Methodology is open source or open access at the time of registration. This declaration forms part of the official registration documentation and cannot be changed retroactively.
While all Protocol/Methodologoies registered with the Regen Registry must be open source or open access, implementations of the Protocol/Methodologoies by Monitors can be closed source. This means that Monitors may use proprietary tools or modules to implement the Protocol/Methodology, as long as they can demonstrate that their implementation accurately follows the Methodology or Credit Class and meets all other requirements of the Regen Registry Program.
Modifications to the Protocol/Methodology submitted to the Regen Registry must comply with the open source or open access declaration made by the original Protocol/Methodology Designer.
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